Active broad-market exchange-traded funds in Wednesday's regular
SPDR S&P 500 (
): +0.24%, hit a record high
PowerShares QQQ (
): +0.66%, hit a 13-year high
iShares Russell 2000 Index (
iShares MSCI Emerging Markets Index (
iPath S&P 500 VIX ST Futures ETN (
Broad Market Indicators
Broad-market exchange-traded funds, including SPY, IWM and IVV
were firmer at the session's half, with some touching or nearing
record or multi-year highs. Actively traded PowerShares QQQ (
) was up 0.66% and reached a 13-year high.
Likewise, U.S. stocks moved to positive territory, with the
S&P 500 hitting another intraday record high. But geopolitical
tensions continued to hold gains in check. Meanwhile, the
International Monetary Fund said it expects U.S. growth to pick up
above 3% over the next eighteen months, despite lowering its
forecast for economic growth to 1.7% from 2%. The IMF said it
trimmed its forecast due to weakness in the U.S. economy during
Looking ahead, investors will be focusing on earnings reports in
Wednesday's after hours, particularly from Facebook (FB).
Power Play: Technology
Technology Select Sector SPDR ETF (XLK), iShares Dow Jones US
Technology ETF (IYW), iShares S&P North American Technology ETF
(IGM) and iShares S&P North American Technology-Software Index
(IGV) were firmer and near record or multi-year highs. SPDR S&P
International Technology Sector ETF (IPK) was flat.
Among semiconductor ETFs, SPDR S&P Semiconductor (XSD) was
down 2.67% while Semiconductor Sector Index Fund (SOXX) was down
Unisys (UIS) tumbled nearly 18% after it reported late Tuesday a
Q2 net loss of $12.1 million, or $0.24 per share, which included
$17.9 million of pension expense, and compared to year-ago net
income of $20.4 million, or $0.46. Excluding items, the company
earned $0.11 per share, down from $0.91 a year earlier. The Cap IQ
consensus was $0.93 per share, but it's unclear if this is
comparable. Q2 revenue declined 6% to $806 million from $859
million in the year-ago quarter. The Cap IQ figure was for $870
Winners and Losers
Select Financial Sector SPDRs (XLF) was up 0.33%. Direxion Daily
Financial Bull 3X shares (FAS) was up 0.88% while its bearish
counterpart, FAZ, was down 0.82%.
MarketAxess Holdings (MKTX) was up 5.68% after it reported Q2
net income of $18.2 million, or $0.48 per share, compared with the
prior-year period's $19.3 million, or $0.51. Revenue was $64.96
million, up 2.3% from $63.5 million in the same quarter last year.
Analysts polled by Capital IQ were expecting EPS of $0.46 on
revenues of $64.46 million. The company is updating its fiscal 2014
expense guidance and now expects total expenses for 2014 will be in
the range of $144 million - $148 million, down from prior guidance
of $150 million - $157 million. The company is also updating its
capital spending guidance and now expects capital expenditures will
be in the range of $15 million - $17 million, down from prior
guidance of $17 million - $20 million. MKTX reconfirms its
full-year 2014 tax rate guidance of 37% to 40%.
Dow Jones U.S. Energy Fund (IYE) was up 0.42%; Energy Select
Sector SPDR (XLE) was up 0.47%.
Talisman Energy (TLM, TLM,TO) was up 10.86% after it
acknowledged is has been approached by Spanish energy giant Repsol
about various transactions that Talisman did not identify.
"There is no assurance that any transaction will be agreed.
Until such time as it is appropriate to make a public announcement
on any potential transaction, Talisman does not intend to make any
further comment on this matter," according to a company
Reuters reported that Repsol said it has been studying potential
acquisitions to boost its upstream business, including Talisman,
but that it has not reached any decisions.
Crude was up 0.39%; United States Oil Fund (USO) was up 0.53%.
Natural gas was up 0.69% and United States Natural Gas Fund (UNG)
was up 0.62%.
Gold was up 0.06%, and silver was up 0.03%. Among rare metal
funds, SPDR Gold Trust (GLD) was up 0.01% and iShares Silver Trust
(SLV) was up 0.10%.
Consumer Staples Select Sector SPDR (XLP), iShares Dow Jones US
Consumer Goods (IYK), and Vanguard Consumer Staples ETF (VDC) were
Tupperware Brands (TUP) was down 9.66% after reporting Q2
adjusted EPS of $1.47, a penny shy of the analyst consensus on
Capital IQ. Sales were $674 million, below expectations of $689
million. For Q3, the company expects earnings of $0.89 to $0.94,
vs. the Street view of $1.08 per share. For the full year, the
company is targeting EPS of $5.40 to $5.50, vs. estimates of $5.73
Health Care SPDR (XLV), iShares Dow Jones US Healthcare (IYH)
and Vanguard Health Care ETF (VHT) were firmer. Biotech ETF iShares
NASDAQ Biotechnology Index (IBB) was up 1.95%.
Puma Biotechnology (PBYI) soared 286.50% after announcing
results from the Phase III clinical trial of PB272 (neratinib)
Tuesday. The company said top line results from the Phase III
clinical trial of PB272 in early stage breast cancer were
statistically significant and it plans to file for regulatory
approval of neratinib in the first half of 2015. The results of the
trial demonstrated that treatment with neratinib resulted in a 33%
improvement in disease free survival, the primary endpoint, versus
placebo. The company also announced it is amending its licensing
agreement with Pfizer (PFE) for the drug to be solely responsible
for the expenses associated with the ongoing legacy clinical trials
for the drug and will pay royalty fees to Pfizer upon
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